BTC also saw a sharp drop in its price. However, it also experienced a rise in its mining difficulty level. Yesterday’s number increased almost 9% in just 24 hours. The Bitcoin hash rate reached 183 Exahash earlier this month, which is the highest recorded level.
Glassnode, a crypto analytics platform, noted that BTC mining difficulty rose by +9.3% today. This translates into a new ATH. Finance Magnates recently noted a sharp increase in the old Bitcoin supply.
After China banned the mining of digital currency in the region, the Bitcoin hash rate fell by almost 54% in May 2021. The hash rate has increased substantially but the mining difficulty has also increased.
BTC is currently undergoing a major correction. On Saturday, the digital asset fell to $34,000. The major reason for Bitcoin’s recent drop is the huge rise in inflows. Glassnode data shows that Bitcoin’s exchange inflow volume has reached its highest point in just 4 weeks. “Bitcoin Exchange inflow volume (7d MA), just reached a one-month high of 1,279.853 BTC. The 1,277.577 BTC previous 1-month peak was recorded on 12 January 2022,” according to .